Alabama Securities Commission: Tennessee man convicted on charges

A Tennessee man who fled to the Philippines to avoid prosecution has been convicted on five counts of selling unregistered securities by a Coffee County jury, the Alabama Securities Commission said.

Scott Alan Frye, formerly of Knoxville, is being held in the Coffee County Jail and awaits sentencing, the securities commission said. Frye also faces 74 counts of securities law violations in Jefferson County.

Frye fled to the Philippines after a Coffee County grand jury returned a five-count indictment against him in November 2005, the commission said. He was arrested in the Philippines by authorities in October 2009 and extradited to Alabama a year ago.

Evidence shows Frye got access to deferred compensation accounts of Century 21 agents and obtained $44,500 through loans taken out against the plan. He used the money to purchase notes in a land development without the agents' knowledge, the commission said.